The following is an excerpt from the Direct Line Insurance website:
Have you fallen into the underinsurance
trap? Research shows that an estimated 13.6 million homes in the UK
have done just that. The longer you live in your home, the more likely
it is that the value of your contents will increase. If you want to
get optimum protection and peace of mind from your insurance cover,
it's your responsibility to update your sum insured.
What exactly is underinsurance?
If you haven't declared the full value of your contents under your home
contents insurance policy, you need to ensure you have adequate cover
as soon as possible. If you have £45,000 of contents, but
only £30,000 of cover, you would not receive the full replacement
cost of your contents in the event of a claim. Plus, as your lifestyle
changes - you earn more money, buy your own house, get married or start
a family - the actual value of your contents can rise in to tens of
thousands of pounds rapidly. It's important to remember that if you
take out content insurance, the onus is on you to update your policy
when necessary.
To read the full article, click here
Our Inventory software helps in two ways:
- It enables you to ensure that your home or business contents
insurance is at the correct level, avoiding the common problem
of under-insurance.
- By helping you produce detailed lists of the contents and assets
in your business or home, our products enable you to manage an insurance
claim in a disaster so that your claim is settled quickly
and fully.
Dealing with a major claim can be both distressing and time consuming.
This is an excerpt from a story in The Independent:
A family whose home was damaged by fire is still counting
the cost of being underinsured
A
clean-up company took away damaged furniture, fittings and personal
possessions to try to restore them. When the items came back, however,
the Bernards were unimpressed. "Half our possessions were missing, and
many of the rest hadn't been properly cleaned," says Mr Bernard.
Abbey paid for the family to stay
in a nearby hotel for three weeks after the fire. They were then given
alternative accommodation by their housing association for a further
month, after which they could return to their somewhat diminished home.
A seven-month restoration period followed
and by the end of it Abbey National had paid the Bernards the £20,000
their contents had been insured for. But the family still faced a considerable
shortfall, and to top it all off, Mr Bernard had been made redundant.
Mr Bernard's full story can be read in full on our News
& Reviews page (he is now a MyHomeInventory
user).
Whether for a private home or a business, an inventory for disaster
management makes absolute sense. Our software makes it easy.
MyHomeInventory™
for your home contents inventory
TheOfficeInventory
™ f or your business inventory
TheSurgeryInventory™
for medical, dental and
veterinary practices
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